China is the biggest consumer of oil in Asia and second-largest in the world China has increased the retail price of gasoline and diesel to record highs, after a rise in global crude costs.
The increase will be 5-5.5%, according to the National Development and Reform Commission.
The move is aimed at easing pressure on state refiners who are struggling with international oil prices at two and a half year highs.
But analysts say inflation worries have kept the government from increasing prices too much.
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Source: http://www.bbc.co.uk/go/rss/int/news/-/news/business-12994552
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